09 Jun June 2023 Outlook
The Treasury Department’s June 5th X-date has finally arrived, and despite the hysteria that the nation would default on its debt for the first time in history, Congress successfully averted a catastrophic outcome that could have had considerable negative ramifications for the economy. President Biden signed the Fiscal Responsibility Act of 2023 on June 3rd, which will suspend the debt ceiling until 2025, among other things (more below), ending the months-long drama. With the debt ceiling debate in the rearview mirror, Congress is gearing up for a busy month of June, with the Senate in session for fifteen days and the House for twelve. Last month, we saw Congress and regulators zeroed in on the recent bank failures, but with the volatility in the banking sector hopefully ending, Congress’s attention will shift to items like the must-pass Fiscal Year 2024 Appropriations legislation and the Fiscal Year 2024 National Defense Authorization Act (NDAA), among others.
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